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GTPL Hathway has entered into o Share Purchase and Subscription cum
Shareholders' Agreement (Agreement) on 30 June 2023 to acquire 4,37,676 equity shares of Rs. 10/- each of Metro Cast Network India (Metro Cast) at the rate of Rs. 571.1982/- per share for cash consideration aggregating to ~Rs. 25 crore from its existing shareholders (Acquisition) and to subscribe 4,02,428 equity shares of Rs. 10/- each at the rate of Rs. 571.1982/- per share for consideration other than cash, i.e., in lieu of sale/transfer of Set-Top-Boxes by the Company to Metro Cast aggregating to ~Rs. 22.98 crore (Subscription).
The transaction relating to Acquisition was completed on 30 June 2023, consequent to which the Company has acquired 34.34% equity share capital of Metro Cast. The transaction relating to Subscription is expected to be completed by December 2023. Post Subscription, the aggregate shareholding of the Company in Metro Cast will be 50.10%.
Metro Cast is in Cable Television business. The investment in Metro Cast is strategic in nature with an object of enhancing the Company's footprint in its existing markets of Maharashtra and Karnataka.
Metro Cast was incorporated in India on June 22, 2015. The turnover of Metro Cast for FY 2021-22, FY 2020-21 and FY 2019-20 was Rs. 70.07 crore, Rs. 844.56 million and Rs. 76.09 crore respectively.
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